All the drama seems to be behind Meadowlands Xanadu. The project is almost fully leased up and will open next spring. One interesting thing to watch will be the fate of the IZOD Arena. The arena used to house theDevils, New Jersey Nets and college basketball's Seton Hall Pirates. But the Devils and Pirates have moved to Newark and the Nets are still slated to move to Brooklyn. In that instance, the team behind Xanadu-Colony Capital, KanAm and Dune Real Estate Funds could exercise an option to redevelop the arena site.